The Central government has appointed R Doraiswamy as the new chief executive officer and managing director (CEO & MD) of Life Insurance Corporation of India (LIC), a notification on July 14 said.
This appointment marks a historic transition in the insurance behemoth's leadership structure, as Doraiswamy becomes the first full-term CEO and MD under the new regulatory framework of the LIC Act that merged the roles of chairman and managing director into a single executive position.
The restructuring stems from the 2021 amendment to the LIC Act, introduced through the Finance Act, which paved the way for the insurer’s public listing in 2022.
Prior to the amendment, LIC operated under a structure where the roles of the chairman and managing director co-existed, with the chairman holding overarching authority.
The amendment brought LIC’s governance framework in line with SEBI's norms applicable to listed companies, by merging the two top roles into one, CEO and MD, similar to private and public sector peers.
Siddhartha Mohanty was the first to be appointed under this revised structure but served only a part of the full three-year term.
Mohanty was officially re-designated as the managing director & CEO of LIC on June 30, 2024, following his tenure as chairman that began in April 2023. His term in this merged position concluded on June 7, 2025. serving for just over 11 months.
With Doraiswamy’s appointment, LIC is now set to have a full-time CEO & MD serving a complete tenure.
Doraiswamy brings with him over 38 years of experience at LIC. According to reports, he began his career with the insurer in 1986 and has worked across a wide spectrum of departments, including operations, marketing, pensions and group schemes, IT, and training.
Prior to his elevation, he served as managing director of the state-run firm, overseeing LIC’s Southern Zone.
The official notification states that Doraiswamy will serve as CEO & MD for a period of three years from the date of assuming charge, or until he attains the age of 62 (August 28, 2028), whichever is earlier.
He will receive a fixed salary in Level 17 of the Pay Matrix, amounting to Rs 2,25,000 per month, the official release said. His appointment follows the recommendation of the Financial Services Institutions Bureau (FSIB), which interviewed multiple candidates for the role and found Doraiswamy best suited for the top position, the statement added.
Doraiswamy’s appointment brings clarity to LIC’s leadership, which had been under interim leadership of managing director Sat Pal Bhanoo.
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